Farmacopia Completes $3.5M Financing, Welcomes Michael Smith to the Team as Future CEO
Capital to accelerate first construction phase of growing facilities
OTTAWA – November 16, 2017 – Farmacopia (or “the Company”), Canada’s only female focused Cannabis health and wellness company, today announced the completion of a $3.5 million private placement. Farmacopia also welcomes Canadian marketing industry executive Michael Smith as the Company’s new head of business development and corporate affairs. Mr. Smith will step into the role of Chief Executive Officer of the Company, conditional upon his obtaining a security clearance under the ACMPR, expected to be effective by July 2018. Mr. Smith was a substantial participant in the private placement.
“We welcome our new investment along with the recognition that our feminine approach is resonating well within the investment community,” said Renée Ellison, Founder of Farmacopia. “As Farmacopia is getting ready for Health Canada’s issuance of its “License to Produce”, this latest investment round enables us to accelerate the completion date to March 2018 for the buildout of our Phase 1 Grow & Extraction Facilities located on our 8 acre farm in Kemptville, Ontario.
Coinciding with this financing the Company announced that Michael Smith has joined the Farmacopia team as marketing and sales support pending his appointment as CEO, conditional upon his first obtaining the required security clearance from Health Canada. Mr. Smith is one of Farmacopia’s largest independent investors and brings a wealth of corporate experience through three decades of executive level business development and marketing leadership.
“We are very pleased to welcome Michael to our team and look forward to him joining the new board once he has received the required security clearance from Health Canada,” said Ms. Ellison. “Michael’s expertise is a big win for Farmacopia in supporting our vision for supporting the unique physiological and lifestyle needs for women.”
Mr. Smith brings 25 years of sales, marketing and business development experience in scaling up start-ups. His background includes:
- Founder/CEO of CIM ltd, Canada’s largest 3rd party sales agency with 300 full time and 3,000 contract personnel and clients including HP, Disney, Microsoft, RIM, Pepsi co. CIM was recognized as one of Canada’s 50 Best Managed Companies and was acquired by Acosta in 2012.
- CEO of Launch Brand Marketing, a promotional marketing agency with clients including LCBO, Loblaw, The Dairy Farmers of Canada, acquired by Mosaic Sales Solutions in 2015
“I was an early investor in Farmacopia because I felt strongly that their Female Only focus addressed a massive gap in the market. They are the first Canadian Cannabis company to truly and fully recognize the uniqueness and importance women play in this industry,” said Mr. Smith. “It’s valuable and I am excited to be joining them at this critical juncture in time and looking forward to building a globally recognized Female Focused Cannabis Health and Wellness company. “
Mr. Smith will support Hugh Bowman who will also transition into his new role as Chief Operating Officer to enable him to drive the construction for Phase I and accelerate the expansion into Phase II which is now planned for completion in 2018.
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